By Aaior K. Comfort

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the full deregulation of petrol pricing, coupled with the withdrawal of NNPC Limited as the sole off-taker of petrol from the Dangote Refinery, enables marketers to source products from various suppliers, including imports.

Market Changes Following Price Increase

This statement comes a day after the NNPC raised the pump price of petrol by 15%, bringing it to ₦998 per liter in Lagos and ₦1,030 per liter in Abuja. In an interview with Vanguard, IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, emphasized that marketers are now free to procure products from any source they find cheaper, enhancing their competitiveness.

Ukadike highlighted the lack of transparency in the current business environment, stating, “The happenings have been shrouded in secrecy, but with time, everything will come out because full deregulation has come into play. Marketers can now import, so let’s see what they will do. Then we will know whether we will go with Dangote or elsewhere where the price is better.”

Refund Demands from NNPC

Earlier, IPMAN President, Alhaji Abubakar Maigandi Shettima, called for a ₦15 billion refund from NNPC Limited for petrol orders that independent marketers placed but were not supplied. In an interview with Channels TV, Shettima criticized NNPC for requesting additional payments from marketers without fulfilling previous orders.

Expert Opinion on NNPC Relations

However, an unnamed expert countered Shettima’s claims, stating that the NNPCL does not conduct business with oil marketers, including IPMAN. “NNPCL does not have a business relationship with IPMAN because the association did not fill a form and pay to lift petrol from the company. Instead, the NNPCL is dealing with many companies,” the expert noted.